Diablo Valley Real Estate Update Video – June 23, 2022

What’s going on with real estate in the Diablo Valley of the Bay Area?

I wanted to give you a quick update on the residential housing market and provide a little bit of insight.

There’s a lot of bad news out there in the economy, but it’s still a really a great time to buy.

Diablo Valley Housing Inventory

Inventory of homes is actually up almost 28% year over year. Almost 600 homes in the Diablo Valley compared to 467 at the same time last year. That being said, less homes came on the market this week than did a year ago. Down almost 23%.

Number of homes sold in the last week, down almost 42% year over from the previous period last year. And the number of pending properties is also down 11% from the same time period last year. However, inventory is up. So that means that there are more homes available for you to buy if you are looking to buy. The bad news is that the prices have gone up.

Inventory in Concord has almost doubled.

Lafayette is up slightly 20%.

Martinez inventory, Martinez has gone way up. If you’re looking to buy a house in
Martinez, it’s a great time.

Pleasant Hill inventory is up a little bit, up about 50%.

The number of Walnut Creek homes for sale has doubled over the same period last year.

Pricing

If you were waiting a year, you’ve seen prices actually appreciate and we’re not seeing prices actually go down.

The pricing of sold homes is generally still up. In Concord, CA the prices have gone down by 3% from the same time period last year. Lafayette, CA home prices are up 19%, believe it or not. Martinez housing prices are up 12% year over year. Pleasant Hill home prices are down 1% from the same time period last year. Walnut Creek housing prices are up about 6% from the same time period last year.

So again, we’re seeing kind of a mix. Some of the lower price markets are a little bit softer, higher price markets the values are still up.

In Summary

So it’s not a bad time to sell, it’s a great time to buy. While interest rates appear high, historically the rates are low.

Historical 30-year mortgage rates chart showing current rate is below the average of 7.77%

Let’s schedule a call to discuss why it’s still a great time to buy and why you shouldn’t sit
on the sidelines and wait.

I don’t believe that there’s going going to be a market crash based on the shortage of homes that are out there.

Sincerely,
Peter Maclennan
DRE #: 01801793

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